SOCAR, Masdar, ACWA Power to build first offshore wind farms in Caspian Sea

The State Oil Company of Azerbaijan (SOCAR), Masdar (UAE), and ACWA Power (Saudi Arabia) have signed a Memorandum of Understanding (MoU) at COP29 to collaborate on the development of 3.5 GW of wind power in the Azerbaijani sector of the Caspian Sea.

The agreement was inked by SOCAR President Rovshan Najaf, Chief Executive Officer of Masdar Mohamed Jameel Al Ramahi, and ACWA Power Chief Executive Officer Marco Arcelli, Caliber.Az reports.

This groundbreaking project will mark the construction of the first offshore wind farms in Azerbaijan. The MoU reflects a significant step forward in the country’s renewable energy ambitions and represents a major milestone for the Caspian region’s energy sector.

The agreement also builds on an earlier partnership among the three companies to develop renewable energy projects in Azerbaijan, with a focus on a 500 MW renewable energy initiative in the Nakhchivan region.

This collaboration will significantly contribute to Azerbaijan's goal of diversifying its energy sources and advancing its commitment to sustainable development and clean energy transition.

By Vafa Guliyeva